...and down she goes (again)...
Another BTFD opportunity.
My cousin's $6k is split into two orders: $3k @ $34,100 and another $3k @ $30,500, waiting to be filled.
I was a bit reluctant about these orders, I suggested for him to buy at market price and be done with it, but it looks like he may get lucky.
Or not.
We'll know soon enough.
I would rather him to be unlucky myself, but if it bouces back strongly to 60k afterwards I guess that will do too. |
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Still not 100% following you, but this dip was certainly nothing like the 2017.
it's almost a rule that in a bullish phase the lows of bubbles are not lower than the former highs of the pre bubble. there are very few exceptions if you scan the chart. in a bullish phase the price will never fall under the former ATH. exception was in January 2015 but the fundamental was the break-in into Bitstamp (the second important marketplace after Mt.Gox which bankrupted in early 2014). it's very clear for me that this is not the end. why you guys have so much s**t in your panties?  So what your saying is the bullish phase is over (for a little at least) and by "not the end" you mean it's not the end of the correction? Sorry, for some reason I'm just not understanding what you were getting at. It's your wording that is confusing me. IMO though we have witnessed another March last year type of an event, brought on by mass FUD attack, completely overblown by the noobs, and therefore any technical analysis based off it is completely inaccurate. Including the low being lower then the previous high. |
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conclusion: this time it is different. you cannot compare the bull run of 2017 one-to-one with the situation today.
reason: if you look into the chart of the pre 2017 ATH you will recognize that after the burst of a mini bubble the low after was never lower than the high of the former mini bubble. but this time the low is lower than the pre high. that leads to pure panic in the market. you can called it manipulation of the market.
Either it is manipulation OR it is that it has been much easier to speculate into shitcoins this time. People do not have to go via BTC this time to buy their favorite dog-moon coin. This also means comparisons between BTC 2017 and 2021 charts are not very meaningful. Comparing how the mcap of the entire crypto market behaved makes much more sense (unfortunately). If you look at total market cap you will see an extreme parabolic rise and consecutive higher highs with a clear blow off top (that many are arguing is missing in this bull run). In other words, the lower lows and rather slow decline could be caused by craze just shifting to other sites, i.e. shitcoins. Not something I personally like to see, but certainly something to consider. An interesting possibilty for sure. The sheep are stupid compared to the early adopters. Being that they are so stupid they don't understand the difference between bitcoin and shitcoins, but, they do listen to their followed twitter shill that simply says this xyz shitcoin is going to take over bitcoin, because reasons. No further analysis by sheep needed, just shut up and take my money.. |
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conclusion: this time it is different. you cannot compare the bull run of 2017 one-to-one with the situation today.
reason: if you look into the chart of the pre 2017 ATH you will recognize that after the burst of a mini bubble the low after was never lower than the high of the former mini bubble. but this time the low is lower than the pre high. that leads to pure panic in the market. you can called it manipulation of the market.
Which mini bubble are you referring too? And what's your opinion on direction of market from here? that's my opinion. save your wealth. Still not 100% following you, but this dip was certainly nothing like the 2017. To me the only similar fall is March of last year, there was of course a lot of fear in the market back then too. |
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conclusion: this time it is different. you cannot compare the bull run of 2017 one-to-one with the situation today.
reason: if you look into the chart of the pre 2017 ATH you will recognize that after the burst of a mini bubble the low after was never lower than the high of the former mini bubble. but this time the low is lower than the pre high. that leads to pure panic in the market. you can called it manipulation of the market.
Which mini bubble are you referring too? And what's your opinion on direction of market from here? |
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Also, an article by one of the Coinmetrics guys regarding the miners in China. A good read for those interested. https://medium.com/coinmetrics/bitcoin-miners-are-escaping-china-d3937e8f018cOver the past few weeks, Bitcoin markets have had to deal with a swarm of bad news coming out of China.
It started with rumors that miners in Sichuan had gone offline after the province limited energy-intensive industrial activities, such as Bitcoin mining.
Then came a joint statement by three of China’s top financial self-regulatory organizations reminding the public of the country’s 2017 ban on cryptoassets.
Then it was reported that, for the first time, the Chinese State Council, headed by President Xi Jinping’s top economic advisor, was cracking down on mining.
And to top things off, last Sunday the Chinese state-run news agency Xinhua published a negative article on cryptoassets, denouncing their risks relative to “traditional investment tools”.
While there have been multiple factors contributing to this sell-off, one thing is undeniable: there is something brewing in China...... |
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after shower I got aware that one of my testicle hangs lower than the other one. ~
any help from you genius folks? My 9gag knowledge: that's so they don't hit each other. It's a feature, not a bug! sourceit looks more like this.   EDIT: with this low BTC prices I really thinking about to sell both.  Sell both, in 4 years time those 2 BTC will buy 20 balls. You could easily get 2 back and even afford to pay the donar a premium. |
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This is good. Very good.
Seems like this move will have some legs too. I'm sure all those sellers were Chinese leveraged (and non leveraged) traders, Chinese miners, and general weak hands. They've buggered off now, the Chinese ones for good maybe, so we should be going back up. |
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This is interesting.
So there has been some news regarding the "China bans Bitcoin" that has been doing the rounds and that contributed to the recent dumpfest.
Apparently, the CCP is actually serious this time so the Chinese based miners have all shat their pants and were major sellers during the dump. Not only that they are also now either aggressively moving their operations or selling their mining equipment on mass, at firesale prices as well. We are seeing another significant drop in hash rate right now so it might actually be true, next difficulty adjustment (29th May) is set to be about a 15% decline. Hm. So this finally flushed the miners and all those "hoarded coins" being used to pump and dump the market? Good. Apparently so, Nic Carter seems to be pretty sure on this one, we’ll find out for sure ourselves over the coming weeks I guess. So what happened in May? Weak hands sold ~1M BTC in May at $30k-35k .. which they bought in April at $55k-60k: a staggering ~$20B loss. The good news: these 1M #bitcoin are in strong hands now. So it's just another shake-out to convince people to sell their Bitcoin cheap, before the bull run continues. Makes sense  I'll have to wait for the weekly glassnode report, but it seems to me that neither miners, nor LT hodlers were involved in the last week's crash. Nic Carter disputes this with data from one of the on-chain mobs. Apparently the miners (Chinese miners) really sold out, see his recent video for the rundown it’s only 20 min and well worth it. https://www.youtube.com/watch?v=C5CRAprJcXk&t=1s |
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I fail too see correlation between knowing Satoshi Nakamoto and risk of invesing on Bitcoin. Besides, other investment also have similar risks with cryptocurrency investment.
I think what he means is that Chinese investors (or rather gamblers) are as dumb as dogshit and know nothing about what Bitcoin actually is, nor how it works. They are just a bunch of followers, who pour money into bubble after bubble until they have completely destroyed their financial positions that they can't do it anymore. After Bitcoin and stupid crap like doge they will just go into the next get rich quick scheme. Screw them, Bitcoin does not need their type, nor is it beneficial to have them involved. |
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Elon is new to this but I don't understand how people can still react to that China FUD, that makes absolutely no sense.
According to the links I posted earlier this wasn't people acting to the China FUD, this was the Chinese miners acting to the China FUD and this reacting cleared out all the leveraged longs with it. It seems everyone else was actually buying this dip. Apparently, the Chinese based miners are very scared about this ban and fear a crackdown at their expense. So FUD it may be but the miners are supposedly thinking it's serious. I'm hoping this is all true, so they can all piss off from China and other countries get the benefit. |
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Good morning, WO OG! The recovery is underway and it seems pretty solid. The next 2 weeks will be critical. I think its this China news. It is very positive, imagine China have little to no influence anymore. So to summarize Elon + China combined can do -43% Keeping in mind the history of Bitcoin, that's nothing. This may well be the last time that they have this influence. |
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Good morning, WO OG! The recovery is underway and it seems pretty solid. The next 2 weeks will be critical. I think its this China news. It is very positive, imagine China have little to no influence anymore. |
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I wrote this in the Wall Observer thread, relevant for the conversation here This is interesting. So there has been some news regarding the "China bans Bitcoin" that has been doing the rounds and that contributed to the recent dumpfest. Apparently, the CCP is actually serious this time so the Chinese based miners have all shat their pants and were major sellers during the dump. Not only that they are also now either aggressively moving their operations or selling their mining equipment on mass, at firesale prices as well. We are seeing another significant drop in hash rate right now so it might actually be true, next difficulty adjustment (29th May) is set to be about a 15% decline. If this is true, this is the best news we have received in a long time, mega bullish medium/long term. With China out of the loop, the China and environmental FUD will cease, putting some of the final nails into the critics coffins (they'll have to go back to talking tulips). I also beleive that if this is true, it will mean an approval of the ETF as, I believe, one of the larger concerns was the influence of China over the asset. Nic Carter seems to be the most up to date on this, here are some of his tweets. https://twitter.com/nic__carter/status/1396538897077841923https://twitter.com/nic__carter/status/1396553898454835201https://twitter.com/nic__carter/status/1396652765426987022dldr of what he nic was talking about in the pr3vious twitter link https://twitter.com/mikekilinski/status/1396666279042314244I haven't watched this one yet, but this should give a good overview of the Chine situation https://twitter.com/nic__carter/status/1396683091826069507hashrate perscentage by country in 3 chinese mining pools BTC.com, Poolin, and ViaBTC https://cbeci.org/mining_map |
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This is interesting. So there has been some news regarding the "China bans Bitcoin" that has been doing the rounds and that contributed to the recent dumpfest. Apparently, the CCP is actually serious this time so the Chinese based miners have all shat their pants and were major sellers during the dump. Not only that they are also now either aggressively moving their operations or selling their mining equipment on mass, at firesale prices as well. We are seeing another significant drop in hash rate right now so it might actually be true, next difficulty adjustment (29th May) is set to be about a 15% decline. If this is true, this is the best news we have received in a long time, mega bullish medium/long term. With China out of the loop, the China and environmental FUD will cease, putting some of the final nails into the critics coffins (they'll have to go back to talking tulips). I also beleive that if this is true, it will mean an approval of the ETF as, I believe, one of the larger concerns was the influence of China over the asset. Nic Carter seems to be the most up to date on this, here are some of his tweets. https://twitter.com/nic__carter/status/1396538897077841923https://twitter.com/nic__carter/status/1396553898454835201https://twitter.com/nic__carter/status/1396652765426987022dldr of what he nic was talking about in the pr3vious twitter link https://twitter.com/mikekilinski/status/1396666279042314244I haven't watched this one yet, but this should give a good overview of the Chine situation https://twitter.com/nic__carter/status/1396683091826069507hashrate perscentage by country in 3 chinese mining pools BTC.com, Poolin, and ViaBTC https://cbeci.org/mining_map |
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Some unsolicited sage observations and advice from someone who has been through these BTC ups and downs many times:
1) China is the culprit that allows the whales with massive over-leverage to run during the bull stage. They don't say shit when the price is going up (of course not), but pull the rug with FUD when they are ready to short. It's all part of their game. They have done it before during prior bull runs, and they will most certainly do it again in the future. Controlling the majority of mining is also part of their game, so they are not going to "crackdown" on mining. That's completely BS.
2) If Bitcoin cannot hold a certain price for very long, then it was massively over-leveraged by whales and was not meant to be. Pay attention not to where it flies high, but where it lands and where it scrapes the bottom. It's current true SOV price is somewhere along that line.
3) Bitcoin's fundamentals and purpose never change from what they are, no matter the price.
4) Take comfort in knowing that new ATHs tell you where the price is going and will "be" someday, not where it will be now. Notice how old ATHs are eventually left completely in the dust. This new one will be no different than the others. Have extreme patience.
5) Your btc accumulation/holding strategy should be just like the goldbugs. If you are not DCA'ing in and holding through at least 2-3 halving cycles (if not forever), then you are doing it wrong. Short term thinking is mental weakness. If you can't handle it long term, get out now before anxiety overtakes you and you pull a MR.
+3 WOsMerits. Well said. Ain't selling a single sat. My new-coiner cousin bought his first 0.1 BTC @ $58k a couple of weeks ago, and now, instead of worrying, he just wired another $6,000 to buy the dip. Some of us ought to learn from him. I have some fiat ready to BTFD too, but just REALLY busy with work... I get paid again this week. Will buy a little more then, same as always. |
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Do you guys remember when we were the newbies, panicking and falling apart everytime there was a huge dip and now its funny to watch the others while hodling calmly?
I'm not panicking, but pretty depressed by all of it. It just seems like it shouldn't be happening at this point in the cycle, but hey, maybe the cycle is not over yet. |
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i swear that kind of slow bleeding is the worst, it's like someone plunging a knife in your flesh inch per inch
Yeah, well a quick drop like we saw last week is like taking a bullet in the back. Take your pick on which is worse. |
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